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Last time we expected a continuation of upwards movement, which was not what happened.

Price continued its decline and made a new low. This last decline seems quite impulsive, which is why we’re adding two new counts which expect that the downtrend has resumed and that the correction is over. And since the invalidation point of our previous count has not been breached, we’re demoting it as an alternate daily count for the time being.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we’ll use each count’s invalidation point to confirm the other count.

As expected the euro moved towards the upside, reached our first target at 1.3691, and exceeded it by 10 pips, before moving strongly towards the downside.

This last decline seems quite impulsive, which is why we’re adding a new count (and promoting it to be our main count) that expects that the downtrend has resumed and that the correction is over.

Both counts expect an upwards movement that’s corrective in nature. However, the main count expects this correction to be modest and short-lived, while the alternate count expects it to make a new high before completion.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

On Thursday`s session the pound unfolded exactly as expected under the alternate count and Cable exceeded both first and second targets by 10 pips before reversing directions sharply towards the upside.

We are updating the main count according to the latest price action and it is expected that wave iv orange is complete and that wave v orange is underway.

As always we will wait for the main count`s confirmation point to be reached to gain further confidence in the main count.

On Wednesday`s session the pound unfolded exactly as expected under the alternate count and Cable exceeded the target zone by 2 pips before reversing directions towards the downside.

We are updating the main count according to the latest price action and as well adding an alternate count which expects that wave iv orange is incomplete and that it has more to offer towards the downside.

As always we will wait for either count`s confirmation point to be reached to determine the highly probable count.

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